S&P Global Inc. (SPGI) Earnings Call Transcript & Summary

Good afternoon, everyone, and welcome to the 2025 Investor Day for S&P Global. My name is Mark Grant. I'm the Head of Investor Relations here at S&P Global. We are thrilled to have everybody here joining us in New York as well as those who've dialed in on the webcast. We certainly hope everybody had an opportunity to go out in the lobby here, see the great product showcases we have on display. As a reminder, those will be open again at the end of the program as well, so we'd invite you to stick around for that, too. We're going to make sure we keep the lawyers happy here. I'm going to remind everybody of a few important points. First, today's presentation is recorded and webcast. Presentations today may contain forward-looking statements within the meaning of U.S. and international regulations. Any such statements are based on current conditions and are subject to risks and uncertainties, which are discussed at length in our filings with the SEC. As we announced back in April, S&P Global intends to spin its Mobility division into an independent public company. We remain on track to complete that spin on the original time line. Our discussion today will focus exclusively on S&P Global as it is expected to exist following the spin, consisting of 4 divisions. Financial targets provided today exclude contributions or impact from Mobility in all periods. We will also be discussing non-GAAP financial metrics. We issued a press release this morning with information regarding these metrics and the financial targets we'll be discussing today. We've also published GAAP to non-GAAP reconciliation tables for those metrics. If you need a copy of the release or the reconciliation tables or the slides from today's presentation, those can be downloaded now at investor.spglobal.com. As you can see from the agenda on the slide here, we've got an exciting and informative day planned for you. We're going to have presentations from a lot of the senior leaders from across the company, including a panel discussion on some of our customer engagement initiatives. Eric will then wrap up the prepared remarks covering our financial strategy and outlook. We are going to have ample time for Q&A at the end of the program as well. So we'll have all of the presenters as well as the President of our Ratings division, Yann Le Pallec, join us on stage for the Q&A session at the end, and again, product showcases will be open towards the end at the -- out there in the lobby as well. So we'd invite you to stick around for that. With that, I'm pleased to introduce our President and Chief Executive Officer, Martina Cheung.

A warm welcome to all of you here in the room and to those of you on the webcast. It is such an exciting time to be at S&P Global. And we are -- today, we're going to tell you why we, as a leadership team, think that. We're going to cover our mission and our strategic objectives, our growth priorities, both at the enterprise and the division levels, how we plan to scale enterprise capabilities across the organization, including technology and AI and of course, our financial outlook. So let's go ahead and get started. Our mission at S&P Global is advancing essential intelligence. Now we've been providing essential intelligence really for decades, 150 years plus through proprietary benchmarks, differentiated data and some of the most critical tools in our end markets. We are the trusted partner to our customers and have been for a very long time. Our customers now are telling us that they need essential intelligence more than ever. And in fact, they need more of it because it is getting so complex to do business. The environment can be -- represent both massive opportunities and massive risks at the same time, and it's all coming very, very quickly at our customers, whether it's regulation, supply chain disruption, technology disruption or new opportunities like energy expansion, private markets, digital assets. They're asking us for more essential intelligence and they want it more quickly. So we're advancing essential moving at pace to innovate more and deliver the best of our benchmarks and data and our platforms to our customers. We're going to achieve this through three strategic objectives. The first is advancing market leadership. As I mentioned, we have some of the most trusted brands in our markets, and we've been serving our customers for over 150 years. We start from a position of great strength to continue to grow in our existing markets, and we find new ways to offer our products for new use cases and new markets as well. The second is expanding into high-growth adjacencies. Now of course, you hear us talk about private markets, for example. This is a very important scaled high-growth adjacency. But we're also quite excited about emerging opportunities such as supply chain intelligence and decentralized finance, and we'll talk about those in a little bit. The third objective is amplifying our enterprise capabilities. This is taking some of the great progress that we've seen in the past year with the enterprise data office and our Chief Client Office and applying that to a couple of more areas as well, including technology, and we'll talk about that further throughout the course of the presentation. So first, let me just jump into the first objective, advancing essential intelligence. We really start from a position of tremendous strength. We have the broadest and most diverse portfolio of highly proprietary and unique benchmarks and data, and we provide those as well as our critical workflows wherever and however our customers want to receive them, and you've seen us announce collaborations with many partners recently. But the truth is we do business with third parties through integrations and distribution, and we've been doing that for a very long time. It's something we do very well. And because we are so diverse, we can deliver value at all stages of the cycle in multiple end markets, and we can actually deliver strong financial results in almost any macro backdrop. So it's an exciting place to start from. Now we know that going into the future, AI is obviously critical. And with that, our customers are placing an even higher value on proprietary benchmark data and tools. And at S&P Global, over 95% of our revenue comes from proprietary benchmarks, data and tools. Benchmarks make up the majority of our revenue and over 70% of our operating income. Proprietary data and tools make up another 15%. So this proprietary and curated data is either owned outright by S&P Global or it's linked and tagged, curated and cleansed in ways that substantially increase its value. The next category is workflow tools. S&P Global is home to some of the most critical workflow tools that our clients use, whether it is Wall Street Office, for example, Platts Connect or iLEVEL. And the last category here is services and events at around 5%, and that includes CERAWeek, for example. That leaves essentially less than 5% of our revenues that come from what we would characterize as undifferentiated sources. And by that, we would mean it's public and it's readily available. Importantly, our investments are going into the 95% plus. So over time, we expect less and less of our total revenue to come from this undifferentiated bucket. Now we are supported by many market trends. Some of them are very clear secular tailwinds such as private markets, infrastructure investment, the continued shift from active to passive and of course, energy expansion. Others can impact us in different ways is why you see the plus and minus here. So for example, while geopolitical volatility can create a short-term headwind for debt market issuance and for equity market prices, we could also see a rise in demand for our data insights and for products like our ETD products and S&P Dow Jones Indices. And while we know that there are elements of opportunity and risk for Gen AI, we believe that for us, GenAI is a tailwind, and Bhavesh is going to talk about that in a little bit. And of course, we do have some headwinds. We study them. We understand them. We have very deep plans to overcome them. So we think that's manageable. Now shifting into expanding high growth into high-growth adjacencies. We have really a lot of opportunities and paths to growth at S&P Global. Some of them are more scaled and are contributing to our financial results today, including private markets and energy expansion, both of which I'll come back to in a moment. But we're quite excited as well because we see other opportunities for emerging areas where we think we can actually deliver value for our customers using existing products, and by integrating them, we think we can do that at little incremental expense. So one example to give you on this is actually out in the demo area today, which is a new effort that we've had with IBM watsonx Orchestrate, where we took data from 3 or 4 areas in Market Intelligence, combine that data and have created a new agent with IBM watsonx Orchestrate, and we have the deepest data to do that. So it is really a best-in-class tool. We were able to do it very, very quickly. So that's exciting to us. We think we're going to find more opportunities like that, and we can talk a little bit more about what we're doing as well. And then, of course, the advent of very sophisticated agents, agentic workflows and at some point in the future with something like Quantum coming, we're taking advantage of all these emerging technologies just as we have with AI since we acquired Kensho in 2018 to come up with new ways to think about our existing products, but also to think about new products in different ways. All right. So private markets is a very substantial opportunity for S&P Global. The assets under management in this area have grown tremendously, and we expect that growth to continue. There's very strong investor support and high allocations to these multitude of asset classes, whether it's private equity, private credit, infrastructure investment, and we're also observing strong policy support in the largest market for private markets in the U.S. We're very excited about the growth opportunity here for us going forward because we do believe that this asset class endures and has quite strong opportunities for us. We're looking to create the most holistic solution to solve the transparency gap in private markets for our customers. So by transparency gap, I mean providing credit ratings, for example, to help with allocations and fund selection, providing valuations and independent benchmarks to understand performance and be able to compare like with like and also providing a global standard for consistent reporting across the industry. We do this across the breadth of S&P Global. In addition to the very strong organic capabilities that we have, we have partnered with Cambridge and Mercer, and we also have our With Intelligence acquisition that we've announced. The combination of all of these, including our ability to embed our solutions in critical workflows, we believe positions us more uniquely than anybody else to solve this transparency gap in private markets. Now let me shift to energy expansion. Our teams are forecasting that the demand for global energy is going to increase by 50% by 2050. Now it's not just the demand for energy-intensive technologies. We all see that when we open the newspaper every day. That's a very significant part of it. But as importantly, it's because of rising populations and also increasing wealth in emerging markets that's creating this explosion in demand. Over that same time period, our teams expect a tripling of electricity demand. And again, you can open a newspaper on any day of the week and see that the power grid is under pressure. Effectively, demand is outstripping supply. Therefore, our view is that all energy sources need to grow. That's not just renewables, it is hydrocarbons and renewables. So it's really about energy expansion, not energy replacement. And as that happens, the need for the input materials, whether it's chemicals, metals, also needs to grow. The transportation routes need to grow. The supply chains need to evolve. Nobody is better positioned than S&P Global to provide all the solutions that our customers need to navigate this massive energy expansion. Now how are we doing it? We're connecting products across the organization to create fit-for-purpose solutions for our customers. Now here's the thing. It's not just for our energy customers. This convergence is really for all of S&P Global. For example, we are integrating data sets and models to help data center operators and technology customers think about power planning and infrastructure development. We are the leading provider of data center securitizations in the market, and we're helping issuers and investors to understand the opportunities and risks as they deploy trillions of dollars against data center expansion. We're also providing integrated outlooks, including risk management and data from across the organization to help energy companies find new sources of energy, and we're working with investors to help them understand the return on investment from renewable energy and the new technologies that we've seen sprouting over the last several years. Now you see all the logos here. We're doing all of this across the organization with an enterprise approach, and we're helped by the EDO, our Enterprise Data Office because they're bringing all the data together for us. And we're helped by Kensho, who's helping us to actually devise new ways to get that data out to our customers. So again, we are very, very strongly positioned. No one can do what we can do to help our customers, all of our customers in the energy ecosystem to navigate the energy expansion. Now third, let me go to amplifying enterprise capabilities and AI. So a year ago, of course, we announced the setting up of the Chief Client Office and the Enterprise Data Office, and I couldn't be happier to have Saugata and Sally here to talk about that today. We also see opportunities based on some of the learnings to scale technology, which I'll come back to in a moment. As we're doing all this, of course, we're also introducing new tools internally and externally. We're redesigning our internal flows and part of that is also bringing our people along with us. So we're very focused on empowering our people to create the workforce of the future for S&P Global. To just focus on technology for a moment. What we're solving for here is simplification, so reducing complexity in how we connect our products, how we connect our data. We're solving for getting to market more quickly, stronger and faster integration of new technologies, and we're solving for common capabilities. Let's do something once and then use it many times around the organization. So as part of that, we'll have an enterprise architecture framework. We'll continue to support our teams through high-class information security and a very heavy focus on IP and entitlements. And we'll also look at process redesign. For example, we're planning for an agentic software development life cycle within our technology organization. Now while we're doing all this, of course, there are times when we will partner for best-in-class capabilities externally, and you've seen us do this with our hybrid cloud ecosystem, with our partnerships with Amazon, Google and Microsoft, but we'll also partner externally for other capabilities, and we'll do that when we know that it ensures us to get to market more quickly. And last but not least, the pace at which we've been moving to partner with and get our capabilities into the overall LLM ecosystem tells us that we know there are probably new commercial models that we're going to have to explore. Now Bhavesh can talk about the commercial models a little bit later as well, but our enterprise capabilities around technology will need to very quickly move to actually accommodate these new commercial models. So Sally is going to talk about the Chief Client Office in a moment. But the point that I wanted to make with this slide is that we haven't just been raising our game with our customers within the Chief Client Office. We've been doing it across the entire company. In the last year, we have strengthened our relationships with our C-suite clients. We've introduced focused client coverage. We're also engaging much more so with important industry groups, and we continue to increase the amount of time and the opportunities that we have for our customers to come together across sectors and create value for themselves, and a great example of that is the Interact conference that we held recently for private markets customers. And as we're doing all this, of course, we're focusing on ensuring that we're doing this as leanly and as productively as possible. So let's go to market in partnership with each other and not have any kind of redundancy in how we do that. And let's also make sure that we have the right incentives to make sure that we're bringing the best possible answer to our customers. And we're hearing that this is working. We're getting great feedback from our customers. I'm excited for our Division President, and Sally, to tell you a little bit more about that feedback as well today. So speaking of clients, client recently told us that we have the best people, and I couldn't agree more, and we're empowering our people to come on this journey with us as we integrate technologies and new ways of working across the organization. It starts with making sure that our people have the right skills. We have a lot of training, a lot of certifications, a lot of opportunities for our people to build skills for what will be the workforce of the future. We're also providing the tools. You've heard us talk a lot about Spark Assist. We have many other tools that have been developed using AI internally, and we are also partnering with third parties to give our people opportunities to really take control of their own careers, and a good example of that is the partnership we recently announced with Eightfold AI. Even as we're redesigning processes, we're also ensuring that we have the right set of very clear incentives in place so that our people understand what it takes to successfully grow their careers at S&P Global. And of course, we expect to achieve productivity, we expect efficiency gains, we also expect that our people will be able to do more exciting work, higher value work, all within the same culture that we are loved for by our people around integrity, excellence and innovation. So Mark mentioned that we're going to talk about the 4 core divisions. Really, this is S&P Global as it persists beyond the spin of Mobility. So I'll start with Market Intelligence. Market Intelligence provides the deepest and most comprehensive proprietary data and tools in its market. It is an incredible collection of data and insights and workflow tools. It's a very simple way to think about the division, 6 trillion unique data points covering sectors at very, very minute levels, spanning our 163 sub-industry classifications, a mountain of proprietary data, including our pricing and reference data and some very, very well-known and well-trusted analytics, for example, our industry-leading consensus estimate models from Visible Alpha. Market Intelligence is also home to critical workflows, workflows that our customers need to perform their work on a day-to-day basis, including iLEVEL, Notice Manager, Capital IQ Pro. These are all names that you've heard us talk about over the last several years. Now as it relates to growth, Market Intelligence benefits very well from this trend that I mentioned at the outset, which is our customers are asking us for more, more data, more essential intelligence and they want it more quickly. And Saugata and the team are executing at the highest levels, whether it's by integrating more data with our platforms, whether it is working very closely with the Chief Client Office and also being a true partner with our customers when they're looking for vendor consolidation opportunities. And so all of these things serve to really reinforce how the division will continue to lead in its area. I would also say that there are incredible opportunities for high-growth adjacency expansion for Market Intelligence. And of course, private markets is probably the most visible and important one, but there are also others that the team continues to look at as it innovates. And the final point I would make is that we also believe that the data -- as the enterprise data office connects more across the organization between Market Intelligence and the other divisions that that's going to result in more opportunities for Market Intelligence to grow also. And you can see all of the strategic priorities here on the right side line up nicely with the growth priorities, the growth drivers for the division. So this is just a very simple page that is geared at explaining how Market Intelligence is going to deliver value for customers and for shareholders. We start with the most powerful products in their space between the data and insights and our workflow tools, deliver them however and wherever our customers want to receive them, including through our LLM collaborations that we've been announcing. And we work with our customers at all levels of their organization to help them understand how we can create value for them as their essential strategic partner. We think this creates durable growth, value for our customers and value for our shareholders. Now switching to Ratings. S&P Global Ratings is the largest provider of credit ratings in the world. And we've been investing in the core of the organization, and that is in the analyst capacity and expertise and creating productivity so that we can create more capacity, that is what has allowed S&P Global Ratings to advance its market leadership by being ready to serve the business when it has come. For example, with the growth in structured finance over the last several years, which we expect to continue to grow. It also gives us the opportunity to continue to expand in private markets, in data center securitizations. The business has many strong tailwinds. There are some additional opportunities for expansion in high-growth adjacencies that Yann will talk with you about during the Q&A. And those include what we'll do in decentralized finance, where we see opportunities that could grow over the next several years as well as being able to tap into markets that are expanding outside of our core markets in the U.S. and Europe. One of the most encouraging secular tailwinds for S&P Global Ratings is the Maturity Wall. We see over $8 trillion coming due through 2028, all of which needs to be refinanced. And that's significantly higher than the 10-year historical average and about 9% higher over 2024. Now if you take that and you take the fact that we see M&A activity picking up, we see massive amounts of infrastructure investment coming and continued growth in other areas like structured finance, core debt ratings, all of these things together give us a lot of confidence in the outlook for S&P Global Ratings. So we announced this morning that S&P Global Commodity Insights will be known as S&P Global Energy going forward. And that's taking something that's like very, very vast and complex, like the entire commodity market spectrum and boiling it down to something very simple, which is energy. Energy comes from -- it is everywhere and everything comes from energy. And I talked a lot about the energy expansion earlier, but simply put, nobody is better positioned to serve the energy expansion than S&P Global Energy. It's the largest provider of commodity price assessments with over 15,000 price assessments produced daily. And it produces some of the most sought-after thought leadership, forecasting models, unique data and our customers use our tools like Platts Connect to do their work on a day-to-day basis. With energy expansion as a key growth driver, we're also hearing a lot from our customers across the energy spectrum that they need more access to the information in different ways. And so we announced, for example, earlier this year, our partnership with Microsoft Copilot, and we have energy users today building agents in Microsoft Copilot Studio using our energy data through our custom connector. We're going to do more of that. We're going to continue to invest in our core benchmarks and our new benchmarks for areas like hydrogen, for example. And these are all of the ways in which we support growth in S&P Global Energy. Now similar to Market Intelligence, you can think of how we will drive value for customers and shareholders in S&P Global Energy in three ways. We start with the unique benchmarks, the thought leadership, the data, the models. deliver those however and wherever our customers want to work with them, and we continue to work at all levels of our customers' organizations, including at the most senior levels as their essential strategic partner. And of course, I'd be remiss if I didn't say we convene the most important leaders in energy around the world every year for critical dialogue at CERAWeek. That produces durable growth, value for our customers and value for our shareholders. Now turning to S&P Dow Jones. S&P Dow Jones Indices is the largest provider of indices in the world. It benefits from strong secular tailwinds, including capital markets expansion and the continued shift from active to passive. The division is focused on ensuring ongoing innovation, both in its core businesses to advance its current market leadership, but also in innovating and in covering new asset class opportunities, whether that is digital assets, private markets and through new distribution channels, wealth, for example, and retirement and income. When we think about the shift from active to passive, we see this as a continued trend. Even with the growth in active ETFs over the last couple of years, we still see flows from active to passive, and when you take that secular trend, combined with the very deep liquid ecosystems that S&P Dow Jones Indices has, these combine for a great story around how the division will continue to grow into the future. So we are very excited as we advance essential intelligence. We're doing that by taking the broadest and best portfolio of benchmarks, data and workflows and bringing that to our clients however and wherever they want to work, and we are a strategic partner with our clients, helping them to take value but also to solve their most important problems. It's an incredible time to be at S&P Global. No one is better positioned to do this than S&P Global. So I'm going to hand it over to my colleague, Saugata Saha, who's the President of Market Intelligence and our Chief Enterprise Data Officer. Saugata?

Thank you, Martina, and good afternoon, everyone. Late last year, we began transforming how we harness data to meet evolving customer needs. The impetus for doing so was born out of multiple avenues of customer feedback, which pointed to the same three things loud and clear. Customers want all our data independent of organizational structure on existing and new delivery channels. They want our data to be interoperable, enabling easier consumption, and they want us to rapidly build and deliver products using data from multiple sources. And they want our data to be AI ready. They want it ready to be embedded in their new and emerging workflows and ready to be consumed by autonomous machines and models. During the last 12 months, we've made significant progress on this journey. We've united teams working on data from across the organization into a single unified data team. We've redefined tooling road maps, and we've delivered meaningful value. I should point out to you that a lot of the meaningful strong margin expansion we saw in the Market Intelligence division this year was the result of step-up productivity improvements as a result of creating a unified data organization. Our journey with data builds on opportunities created by this voice of the customer and our existing strong foundational capabilities. Our foundational capabilities lie in three primary sources of value. One, of course, is our already considerable data estate, which comprises hundreds of data sets that are differentiated, proprietary, linked and distribution-ready. Our core technology capabilities that power data collection and creation of workflows for data at massive scale and most importantly, our human capital embedded in 8,000-plus colleagues who run proprietary processes backed by in-depth knowledge of data sets and deep sector expertise. It's the combination of these three, the combination and not just any one of them or two of them alone that helps us create unrivaled customer value. We deliver trusted data to support our customers' mission-critical workflows and decisions. And increasingly, our data via new distribution channels are accelerating our customers' ability to capture value. It is the mission criticality of these data sets and workflows that we serve that means that customers are willing to acquire this data only from the most trusted and reliable data sources. Now a short while ago, Martina outlined the continuum on which we think about our data estate, from the most differentiated and proprietary data all the way to data that is undifferentiated, that are latter being less than 5% of our data-driven revenues. On this continuum, we create significant amounts of value all along the spectrum. Our world-leading Platts price assessments would be an example of data that is highly differentiated and proprietary. It's widely used as well. Platts' prices enable an approximately 70% of the global trade in waterborne crude, making it one of the most important global benchmarks out there. To create this, we have a team of 450-plus price reporters and editors who leverage independent and proprietary processes and trusted, deeply trusted industry relationships to source this information. Further, that data workflow is enhanced by company-developed tools such as the Price Reporting Platform or the automated summarization tool, AGAVE that was developed in partnership with Kensho. And lastly, there is significant value add in how we database and link to reference data, thereby making the data much more easily accessible for distribution, display and analytics. Now if you look at our slice of data that we call proprietary and curated data, a lot of that data is aggregated from proprietary and public sources. But herein as well, we add significant and meaningful amounts of value to that data. For instance, our scale, combined with proprietary methodology and software tools for structuring, normalizing and quality control add meaningful value. An example of such a data set would be the Market Intelligence division's company fundamentals data set, which has 1,200-plus data analysts who work on it all year round, leveraging proprietary tools and capabilities to drive extraction, transformation, and loading workflows. And of course, as with our most proprietary data sets here as well, we add tremendous value in how we database and link to other data assets and reference data to create more value for the users. All of this gives us an incredible starting point to build on. Our data strategy is focused on three pillars of value creation. The ultimate medium- to long-term vision is to build an organization and set of capabilities that can help us drive straight-through processing for a vast majority of our data sets, make available new data sets on new and existing channels with very low lapse time and organizational friction. And importantly, be the first port of call for our customers when they start on their AI journey. Now keep in mind that straight-through processing refers to that end-state vision wherein vast majority of our data sets are processed through the entire workload with minimal human interjection. And we are executing on this vision by focusing on driving efficiency as a key pillar of value creation, wherein we are building AI-enabled tools for our data analysts to help them be more productive, finding new sources of value, for instance, by creating and integrating data sets rapidly and at scale and at significantly lower cost than ever before, and making our data future ready. An important element of making our data future ready is to make our data available on new and emerging data fabrics, supported by a semantic layer, which will enable both AI model and agentic consumption with minimal need for data reengineering by our customers. In the simplest terms, just keep in mind that the semantic layer acts like a translator, which helps computers understand what the data means and not just what it is, something that will be critical as we usher in the era of AI-driven machine-to-machine data consumption. In summary, we will continue on this journey to widen and deepen the competitive moats around our businesses and drive even more value creation for our stakeholders by focusing on five key dimensions. For one, we expect our data will be connected in new ways. For example, with knowledge graphs, enabling faster and easier consumptions in a new era. Our product showcase today will give you an early glimpse into the progress we are making in this area. We will be able to respond to changing customer needs by creating newer data sets faster than ever before. We will build new products by linking data sets in ways not easily done before. An immediate use case for this will be actioning scaled M&A, wherein we will be able to compress the time to synergy value by onboarding and linking data sets faster than ever before. We will be able to make our distribution channels friendly with data sets from various sources with much lower lead time and operational friction. And in doing so, we will deliver real value to our customers and shareholders on the data journey. Now to tell you more about how our journey with data blends into our journey with artificial intelligence to deliver even more value for all stakeholders, I invite my colleague, Bhavesh.

Hello, everybody. I'm here to talk about AI strategy with you all, and I couldn't be more excited about that. So as Martina mentioned, S&P Global moved early and powerfully back in 2018 when they acquired Kensho Technologies. Since then, we've made a significant investment in AI innovation and got a return on AI or ROAI, as I like to call it. We've created foundational capabilities that have enabled us to ingest, extract, link and tag data at scale. That foundation has enabled us to strengthen our core offerings and create new offerings like machine readable data feeds. It also enabled us to move early on GenAI innovations like ChatIQ on Capital IQ Pro. And now we're in a position to accelerate that innovation and have been doing so. Our Kensho large language model API connecting with agents and powerful large language models to accelerate agentic workflows, new features like ChatAI on Platts Connect and our own internal platform, Kensho Spark Assist, used by 2/3 of our people on a regular basis. We're using that platform to accelerate how we work internally. We feel like this innovation puts us in a great position to continue innovating across our product portfolio with AI and partner with market-leading collaborators, many of which are highlighted here in our project showcase today. Please go check them out. So what we've essentially built here is an AI layer, and think of this layer as foundational composable building blocks that can accelerate our journey on AI here at S&P Global and our customers. We do so in a way that's secure, reliable and efficient, and think of this journey as taking raw data and turning it into indispensable intelligence. We start with data preparation, years of experience transforming data into intelligence using capabilities like Kensho Extract, our market-leading capability that enables you to take unstructured documents and extract text, figures and tables at scale. We've processed over 1 billion pages to date, capabilities like Kensho Scribe, purpose-built where we transcribe earnings calls, events like today's, which you'll see on Capital IQ Pro. We've processed over 1 million hours of audio and Kensho Link that allows us to link our customers' company data to our company data to enrich their content more so that they can accelerate their workflows. We've linked over 500 million entities to date. This foundation has enabled us to accelerate how quickly we get our data AI ready. We can distribute that AI-ready data into existing and new channels, and that flexibility has enabled us to be leaders in leveraging novel methodologies like the Model Context Protocol or MCP. That foundation has enabled us to accelerate how we create generative AI experiences that redefine the workflows of our customers. We've done that with ChatIQ, with Document Intelligence, with CreditCompanion, with ChatAI, a lot of those you will see here today, go take a look at them, they're redefining how analysts, how bankers are completing workflows with generative AI. It's also allowed us to create agents. One in particular I'm excited about is our Kensho grounding agent, which allows trusted retrieval of AI-ready data set to accelerate agent workflows. And importantly, we want to deliver this innovation where our customers are across the GenAI ecosystems. That means whether they're in our platforms here, in workflow tools, third-party applications like ChatGPT or Claude or Copilot or increasingly our customers applications that they are building themselves. Now I spend a bit of time talking about AI expertise and what we're building. But what's interesting is what makes this unique to S&P Global is our core competencies we've been building over decades that have now become AI differentiators. Let's talk about them for a second. As my colleague, Saugata mentioned, it's a lot to do with our proprietary curated data. This is institutional grade data that's got long history, lineage, quality-assured data that our customers can rely on. That's AI ready. Secondly, it's about our grounding and auditability advantage. This is our robust infrastructure that translates into advanced grounding and auditability capabilities. And finally, it's about our domain expertise. AI is great. But here's the thing. Unless you contextualize it with capabilities that people have built over decades, it's a generic tool. It's actually why a lot of times you hear about proof of concepts and demos and not full production and value that's being generated. We're actually contextualizing the AI and embedding our practitioners' expertise to validate and refine the offering itself. Let's take an example of this all in action, our Kensho grounding agent. Imagine a user or an agent asked to identify leading LNG export industry companies across the following dimensions: financials, valuations, price exposure, creditworthiness and leadership outlook. What our Kensho Grounding Agent does is using AI, it decomposes that question and then dispatches a series of agents, specialized agents. We have one specialized agent that goes off to our Market Intelligence division and retrieves all of our financials and market data. We have another that goes to our Energy division and extracts the relevant pricing information and another that will go to our Credit Ratings Agency and go extract the ratings. And finally, a transcripts agent that will go retrieve leadership insights in the transcripts that we have. By the way, that transcript was transcribed by Kensho Scribe. Now when it's brought all of that information back, it's bought it back such that it's cited. You can understand where exactly the sources are, and you can see the full traceability of this. And this is the difference. This is what our customers want. This is what we've heard from our customers. They need to be sure that the models are not hallucinating, that they can trust the answer, and that's what's allowing them to accelerate their workflows. That's what we're building with the Kensho grounding agent. This is unique to S&P Global. I couldn't be more excited about this innovation. Now of course, our customers are on their own journey in their own way, and we need to make sure we are meeting our customers where they are and where they're going, and what that means for us is we need to be flexible with our commercialization models, and this is how we're going to do that. We're going to continue to license our data like we've always done, and we're also going to understand and go create new channels through third parties. One such example is our Kensho grounding agent, which we launched in October on Google's Gemini Enterprise platform. Of course, you will continue to benefit from our generative AI capabilities and features that will embed within our workflow tools and platforms, and we'll create new products with our customers and our partners. Finally, you'll see us continue to create new generative AI applications and agentic workflows. Martina referenced one earlier on energy expansion, which is fantastic bringing together all of the data sets across S&P Global and layering generative AI and agentic capabilities to accelerate workflows. Now I wanted to end on something that personally excites me. Kensho has been around for a while, 2014, and what we've learned in that time is we've got a lot of deep, rich history of deploying AI at scale, and when I think about the customers that I've met, in partnership with my colleague, Sally, who is our Chief Client Officer, one of the things that kept ringing true is our customers' workflows are changing, and we have the indispensable expertise to partner with them to make sure that they can accelerate their workflows with AI. So that's why we're launching Kensho Labs, a dedicated team of experts to partner with select customers in partnership with our Chief Client Office so that they can unlock the full potential of AI. We're going to do that in a variety of ways. We're going to do R&D and exploration with them. We're going to co-innovate with them. Think of this as like taking our grounding agent, layering deep research expertise on top of it to actually create new workflows for them, and then we're going to make sure we can give them hands-on and solution deploy customization together with our new products like Kensho LLM-ready API, our grounding agents and our other existing tools that we've got available. The evolution of Kensho Labs has been interesting in itself, as I said. I've been at Kensho over 10 years now from when we were a scrappy start-up to now deploying large AI solutions across S&P Global and its customers, and one of the things that's really clear is when you're sharing that journey and the work that's been involved in that, our customers can benefit from that, and it was our customers that are telling us that they wanted that expertise. I couldn't be more excited about what's to come in S&P Global's journey on AI and especially with our customers. We want to partner with them so we can make sure that they get their return on AI. Thanks for your time, and I'm going to hand it off to Mark.

Got so excited listening to Bhavesh, I forgot I was next. All right. So we're going to welcome Saugata,, Sally, and Dave to the stage for a panel discussion here. I get the easy part. I just get to ask questions again and listen to the smart answers. But certainly happy to have on the stage with me, Sally Moore, our Chief Client Officer; Dave Ernsberger, President of S&P Global Energy Division; and Saugata Saha, who's switching hats. He spoke to you just a moment ago as our Enterprise Data Officer. Now he's joining as the President of our Market Intelligence division.

So just to give folks a sense of kind of the methodology here, we sent out a notification to all of our sell-side analysts last week asking for questions. So we polled our analysts, got a bunch of questions, and so we've curated those, kind of put those together here, and we're going to go through these questions with everybody here on the panel. So I guess so we can level set. Sally, I'm going to throw the first couple your way as our Chief Client Officer. Would love to have you just reflect on really the genesis of the CCO. What was the origin story here? Why did we feel like this was something that we needed to do at S&P Global?

Yes, absolutely. Well, firstly, it's great to be here. I think the mandate and the vision for the CCO is very clear, and that is to accelerate growth for S&P, bring the full force of all of our divisions to bear with our clients and really to create greater client centricity across the organization. A key part of that strategy has been the formation of a strategic account management group, and that group is empowered to deliver our assets across the full organization and doing that in a very tailored manner. We're excited. We've made a lot of progress thus far. It's definitely breaking down silos in the way that we work. It's enabling us to make decisions quicker, and it's helping us elevate our client relationships and really optimize the experience for our customers.

Excellent. So Sally, we're going to stay with you. You've been in the role now for a year and 12 days. So one of the questions that we do get is what are the early learnings? What have we heard? What are the things that we're taking away from this first year as a Chief Client Officer?

Yes, absolutely. Well, we absolutely developed the value proposition of the CCO in concert with our customers. We've listened to them, and we've heard loud and clear, and I think there are a few observations that we can share so you understand how we've thought about this greater client centricity. I think the first is that our clients are going through a lot of transformation, and many of them are going through vendor consolidation programs. They want to do more with fewer, and so the CCO is ensuring that we can bring the full depth and breadth, the full scale of S&P to those customers in that regard and positioning us to take greater market share and informed displacement strategies. I would say the second point is the feedback that we got was that we were very transactional and quite siloed. So the strategic account management group that I've mentioned is a seasoned set of professionals that aren't aligned to any one of our divisions. Again, they're there to bring that tailored access and the full force of the organization to inform much more of a strategic dialogue. This is moving from sales product by product and being able to step into some of those growth vectors that Martina mentioned. Our clients want us to show up to be able to present the full story across private markets, for example, whether that's our valuations business, whether that's pricing, benchmarks, ratings, workflow solutions. So again, it's taking a much more strategic lens and bringing more value to the client in that conversation. I would also say it's about elevating those relationships and engaging much more around C-level, doing top-to-top meetings with our clients so we can really anticipate and understand their needs more closely, and that has informed different ways of working. We are linking arms with our divisions in order for us to go on that journey with our customers, and it doesn't just stop with the CCO clients. We're creating the amplification effect. We're cascading across the organization in terms of this new sort of strategic and more thoughtful way of working with our customers.

Excellent. Thank you. Then one of the other ones that we get quite a bit, right? A number of the analysts submitted this one, I've gotten this question a number of times over the last year as well. For the Chief Client Office, how are we measuring success? What are the KPIs that you're tracking internally? And are there specific ones that you're paying particularly close attention to?

Well, absolutely, we look at a series of KPIs across the function. From a strategic account management, naturally, we're looking at the health and the vitality of each of those customers. So we look at revenue growth. We look at that in terms of cross-sell opportunities. We look at that in terms of retention, and we look at that in terms of new product sales. We're also scaling our marketing efforts. We're paying close attention to our brand value, and we're also stepping into more two-way value creation opportunities with our customers and with third parties, and so we look at various different metrics in that regard in terms of how we're innovating, how we're creating more relevance and scale, and I think the multiyear strategic collaboration that we announced with Barclays earlier this year is emblematic of that two-way value that we're seeking to create with our customers..

Excellent. Thank you. Saugata, Dave, let's get you in the game here. How has the existence of the CCO influenced operations in your divisions? And then specifically, how are you two actually collaborating together on your go-to-market.

Sure. Happy to say, I'd start by saying that the creation of the CCO could not have come at a better time. We've talked about it as a company, Martina and Eric have talked about it at our earnings call. We've been undergoing a massive transformation within the Market Intelligence division in terms of how we go to market. The CCO has acted as a force multiplier there in helping us kind of be more effective in how we go to market, especially with some of our largest, most complex clients to navigate. Second, I'd say Sally talked about vendor consolidation. Martina talked about vendor consolidation, vendor consolidation is a thing. And something like the CCO positions us to be in a much better place to have those conversations with our clients because frankly, nobody wants to do vendor consolidation with just Capital IQ Pro, even though it's the greatest product in its class, they want vendor consolidation with a firm across capabilities and products, and the CCO enables that. The third thing I would say is we have access to far greater parts of the organization with the construct of the CCO than we did ever before, and that helps us uncover new sources of value, uncover new deals. A good example would be, and this is public, so I can talk about it, where recently we announced a multiyear deal with SEB, which is a large bank, a Nordic bank, they signed up for a multiyear deal with our cloud-based solution to support them in their custody business, something which had been in the works for a long time, but it's one of those things which probably would have stayed in the works for a while, but something like the CCO construct really became the piece that helped get the domino over the fence line. Dave?

Thank you, Saugata. Thank you, Mark. So first of all, hi, everybody. I'm pleased to be here today as the Head of S&P Global Energy, and I wanted to add my welcome to all of you here in the room. It's exciting to see you all. So from an S&P Global Energy perspective, everything you heard from Saugata just now is absolutely mirrored in our experience and our division as well, and I measure the success of how we're collaborating through the CCO's interactions in terms of how we prepare for our engagements with our clients. When we go visit a client, we have a natural rapport. We have the hearts and minds from S&P Global Energy of the trading department, the risk management department, the logistics departments of many of the clients we go and visit, but they also have treasuries and strategic planning functions and a C-suite that would love to hear from us as well, a lot of those conversations are going to be informed by products that live in Saugata's world. And I want my chief -- well, I want my commercial team working with the Chief Client Office to bring those conversations together because it's a better conversation for the customer, and it actually shows more value on what we're doing with them as S&P Global Energy to show people those other capabilities.

Yes. That's actually been one of the interesting observations for me as well in our internal meetings is just hearing just how much of what we're doing with the Chief Client Office is trickling down into the commercial organizations in the divisions as well and seeing folks really link arms to come to market together. Saugata, I'm going to stick with you on this one. So this is a question that we got even before we launched the CCO. So this is really about the enterprise agreements that we've started talking about a few years back. We've done this with the S&P Global Energy division as well. But Saugata, if the point of the CCO is to do more enterprise deals, are you packaging more products together with big MI customers? And does that packaging of products lead to more discounting or impact your pricing in any way?

Sure. Happy to answer that. For those of you who've known us for a while, you'll be familiar that we -- for most parts of our business, we don't do the headcount model. We don't do a price times discount model. Our value proposition is that we get a good sense of what the value of our products and services are to our customers, and we want a fair share of that value attributed to us, and that's the fundamental business model. That's how it's been, and that's how we want to continue to grow it, which essentially means that as we set up the CCO construct, our goal is to deliver more value to our customers through a whole host of things, which Sally just talked about. And as we do that, as that pie, the piece of the value that we are delivering to our clients grows, if we can continue to sustain a similar share, our value proposition to the client grows and that should lead to accretive top line for our business and not a discount approach. So we are very bullish about the opportunities that the CCO construct can create, and we are looking forward to how we continue to grow the business with that. Mark, I did want to address a part of the previous question, which I don't think I quite answered, which is how Dave and I work together. Dave and I are good friends. We know each other's businesses reasonably well, and we talk all the time, right? And we sit in different continents, we don't necessarily go to see clients together, but we do a fair amount of chatting around common clients, what the opportunities are to grow the businesses. For instance, this summer, late summer, I was in London, seeing a large energy trading company, and we ended up talking about a bunch of things for the Market Intelligence business. But importantly, a few leads came out of that conversation, which were of relevance to the energy business and the vice versa happens all the time. So it's not just about the CCO, but just driving the enterprise mindset and how we think about running our businesses and opportunities ahead is creating more value.

Thank you. I appreciate that. I think everybody in the room does, too, and I don't think anybody here would doubt your knowledge of the energy business being as you ran it for a number of years. So Dave, I'm going to come back to you though on the next one. And honestly, I think this could probably be for everybody on the panel. But can you give an example of a customer deal that the CCO really helped you get across the finish line, does that serve as an example that can really scale across the S&P Global Energy division?

Yes. The one example that jumps to mind most readily is a deal we've been working on or have been working and I'll close with a Middle Eastern large energy company, where we were able ultimately to provide for them a fundamental set of financial data through an AI tool we delivered with a partner actually in the marketplace to that client as part of closing our relationship with them and renewing our relationship with them. That would not have been possible without the CCO conversation that preceded and accompanied the entire interaction with that client. Now providing an MI product to an energy client, doesn't just make me happy because Saugata and I are great friends, but also it's good for the S&P Global business. It's also good for my division because it puts what we're providing to those customers into the context of the wider offering and the bigger value we can provide to them as S&P Global. A lot of our customers, when we engage with them, know what they want from us. This is something that comes from many decades of working with those customers all around the world. What's great about the CCO and the data integration we heard about with the EDO and some of the agentics that Bhavesh was talking about is although our clients know what they want, it's great for them to be able to see what is available, which is often way beyond what they know us for.

Thank you. All right. So here's another one that probably could be for anybody, but I guess maybe Saugata we'll start with you and then others can chime in if they want. What are you hearing from customers generally? Where are they most excited to work with you in your division? And so Saugata, if you want to start I think that would be helpful. But Sally, I'm sure everybody would love to hear from you too.

I just start by saying that the two common themes are around data and AI, but I think they go in the category of enough said for now. So I'll park that. I think we've already talked about what we've heard there. The two other things I probably want to call to light, one is vendor consolidation. That is real, meaningful and it's an opportunity for players at scale like us, who have the right breadth and depth of capabilities to make a meaningful impact on our clients' journey. The second piece is around product innovation. And I would probably call out a bit of a bifurcation there among some of our largest clients and some of our midsize to smaller clients. Some of our largest sophisticated clients, they want us to provide data on some of the more sophisticated rails possible to enable agentic or machine-to-machine consumption, and we are working very hard to make that happen. But some of the midsized to smaller clients, it's the other way around. They go in the category of they're not quite sure of what solutions they need, but they're very clear on what problems they have. And that's where we have an opportunity to redefine how we go to market to them and rather than saying, "I got three products in my bag to say, I got one solution for you."

I'm going to add to that, if I may. I mean when I think of our clients, they're all standing on the threshold of a fourth age of energy in the global economy, which fills them with both excitement and opportunity, but also a ton of challenging questions to answer. You heard about it from Martina earlier, global energy demand will grow by 50% between now and 2050. Electricity demand will triple over that time. But to bring it into sharper resolution, we believe the data center capacity, which everybody is talking about, will grow by 14% by 2030. That's going to generate the demand for electricity equivalent to the size of the total generation capacity of the country of India. That raises arbitrage questions, tariff questions, location questions, a huge dynamic range of riddles and questions to figure out. The first of our clients to answer those questions will be the most successful in our industry and they see us as partners and that outside, we have our products on display. There's a Microsoft Copilot that shows you how to interrogate the Copilot to get the answers to the questions just like that, and that's what our customers are dealing with. We've moved beyond an age where coming out of the pandemic, the question is what is the role of energy in the future into how are we getting enough to keep going?

Yes. That's a good point. Sally, I think folks would love to hear from you on this one as well, particularly given you are meeting with every single one of our major customers in the Chief Client Office, what are you hearing from those customers in your meeting? And where are they most excited to work with us?

Yes, absolutely. Well, first of all, I'll just give an example of how we're working in and around sell-side wealth channels because Cathy is not represented on the stage. So I think a good story in terms of success and collaboration between the CCO has been leveraging those deep sell-side relationships that we have that historically have probably been within the Market Intelligence division, but we're now making those introductions and accelerating opportunities. A recent client announcement that we had was a very large $20 million-plus deal that we signed into the wealth channel for direct indexing. So this goes beyond our Energy division and Market Intelligence. It does span all four divisions. In terms of what we're hearing from our customers, I think Dave and Saugata touched on many of the themes. Definitely, the convergence of public and private is informing a lot of opportunity for us. I mentioned wealth, energy expansion and the intersection with finance is obviously creating a lot of opportunity. But I think the conversation that is most dominating right now for sure is around generative AI, and our clients are at different stages of their journey, but they are interacting with that full value proposition that Bhavesh outlined, and we see many opportunities. I think our clients are very excited about the trusted and vast data estate that we can bring to bear. They're then engaging with those foundational components that Bhavesh mentioned, whether that's our LLM-ready API, whether that's our grounding technology, and actually, it's about bringing our subject matter experts into the conversation who understand some of the real-world use cases and coupling that with agentic to inform differentiated outcomes. So we're very excited to be working with Kensho Labs because our clients are increasingly engaging us to experiment across the spectrum of activities, and as Bhavesh said, we see multiple different pathways in terms of monetizing generative AI. But I do want to bring that back to sort of BAU. We've signed in the last 48 hours, two new clients where GenAI has been a key feature, but not necessarily the sole reason that those clients signed contracts. The first is for a large sovereign wealth fund who wanted to consume some market intelligence capabilities, it's a CCO account, and actually, what differentiated us beyond quality and quality still being very important was the fact that they now want to step into a Kensho conversation with us and to leverage some of that tooling. So it's definitely showing up in terms of how we're differentiating ourselves as we go to market. The other example I would give a very large asset manager buy side just signed an iLEVEL contract with us, iLEVEL is our portfolio monitoring capability for private markets and again, it was because of our automated data ingestion. It was because we're investing in AI capabilities around document search that, that deal was able to get over the line. They also like the interoperability between our private credit capabilities and our broader lending suite. So I think it's very real and happening sort of as part of BAU, and then there is that sort of future opportunity as we step into more agentic capabilities.

Excellent. All right. Saugata and Dave, we're going to give you a couple of lightning round questions here. This one comes up all the time around November. I would love for the two of you to just take a minute each and talk about the health of your end markets and particularly as these customers are thinking about budgets going into 2026, the energy end market, the financial services end market. We get this question a lot. So Dave, why don't we start with you?

Yes, I'd be happy to start with energy. So I was mentioning earlier thinking about some of the client experiences, how all of our customers and many more new entrants into the energy space are grappling with the opportunities of this great expansion we see in the demand for energy and all of the associated commodities that are either fueled by or fuel the energy market. So the demand for information around everything from core hydrocarbon energy sets to new renewable sources is very strong out there. I would add that the demand to understand how to apply the kind of technologies we've been talking about today is equally as strong. So some of our biggest customers are important movers of these materials around the world, and they are just as keen to understand how to use these kinds of technologies, how to partner with someone like Kensho Labs to bring those things together quickly to sort of seize the day.

Saugata?

Sure. And I'll just start by saying if you look at financial services, which is a large part of our business, but not the entirety of it, markets are generally turning the corner. We see green shoots. So -- and like any business, healthy markets are good for us than not. But the more important point I want to stress that the focus we have in kind of building out a strategy and execution plan for the Market Intelligence business is that we want to delink our fortunes with the end markets in the medium to short term for short-term volatility. Our strategy with enterprise pricing, rapid focus on value creation, new delivery of differentiated data and products and new capabilities is to make sure that as long as end markets are reasonably good health, we can continue on the 6% to 8% number that we've talked about, and we can continue to grow the business.

Excellent. Thank you. All right, Sally, take us home. What should investors take away from this discussion for the CCO?

So I'll go back to where I started in terms of creating greater client centricity across the organization. The CCO is a catalyst for growth. We're taking this tailored access for our largest and most sophisticated clients around the world, coupling that with the unparalleled depth and breadth that S&P has and stepping into generative AI opportunities. We're building blueprints for success, and we're building -- we're replicating success stories across the organization. And ultimately, that's going to result in greater financial performance and greater shareholder return.

Music to my ears, I think to everybody else in the room as well. So thank you all very much. With that, ladies and gentlemen, we're going to take a 20-minute break here. We'll have refreshments set up in the room. For those that are here in person, restrooms all the way down to the right, all the way down to the right again, and they're right there for you. For those joining on the webcast, we will be back here at 2:40 p.m. Eastern. Thank you very much.. [Break]

welcome back, everybody. Hopefully, folks were able to take a couple of minutes, get a drink, get something in your bellies, stay awake for the next session here. We're certainly happy to welcome to the stage our Chief Financial Officer, Eric Aboaf, to run through financial strategy and targets for you.

Thank you, Mark. Now that you've heard Martina and my colleagues describe our growth strategy, I'm going to spend a little bit of time on our financial plans. For context, since our Investor Day in 2022, we've delivered on our financial commitments. We delivered revenue growth of 9% annually at the upper end of our target range. We delivered margins of 50%, again, at the upper end of our target range. And we did that through a combination of taking advantage of the merger integration savings as well as organic growth and productivity that we've delivered annually since. And then we've delivered EPS of 17%, again, at the upper end of our targets that we set at that point. At the same time, we've also been disciplined about our capital management. We've returned $25 billion through shareholder buybacks and dividends. We've raised our dividend every year as a dividend monarch. And while we talk about a target of returning about 85% of adjusted free cash flow to investors each year through buybacks and dividends, we've returned nearly twice that and we've done that by driving earnings growth and through active financial management. As we look forward, post the spin of Mobility, we'll have 4 businesses which each benefit from their close association with one another. They have shared clients, they have common capabilities, which you heard about data analytics, benchmarks, insights. They have a trusted brand. They have a global footprint and they're all supported by the Chief Client Office that you heard about, which covers about 1/3 of our $13 billion of revenues. Collectively, our businesses also have attractive financial profiles. The stable recurring revenues, especially in MI and energy in big parts of indices, right, allow us to plan over time, invest on a multiyear basis and drive multiyear growth year after year after year. The transactional revenues, especially in ratings, are important too because they actually allow us to take advantage of and monetize those secular growth trends that Martina described earlier and to take advantage of some of the cyclical upside that we see now and again. Let me dive into our 2 market sensitive businesses a little further. You all know S&P Ratings well. It's the single largest provider of debt ratings globally by revenue. Secular growth in ratings is driven by economic growth and GDP expansion. It's driven by the expansion of capital markets. It's driven by the development of new products in debt instruments, both in public and in private markets, and it's well set up to take advantage of those secular trends that Martina described in private credit, leveraging the methodologies we've developed over decades and even centuries, right, in the public markets and applying them to those same private markets to provide another avenue of growth for us. Near term, there could also be some additional cyclical upside in transactional revenues and ratings given maturity walls and M&A activity, both are a bit stronger. And as we showed earlier, the maturity walls are much higher over the next few years than they've been on average for the last 10. And you all know that M&A volumes have been low and are starting to come back and that could be and provide some cyclical upside for us. Importantly, the higher cyclical issuance in a given year, which translates into transactional revenues, then translates and contributes to higher nontransactional revenues in subsequent years and provides further growth momentum year after year after year. Our Index business is the largest provider of equity indices in the world by AUM. Secular growth here is driven by market appreciation and the continued shift of active to passive management, which provides inflows into our products and our indices. We're aligned here with our clients and our interest with our asset-linked fees. As client AUMs rise and markets rise, our clients prosper, they benefit. They have higher revenues, and we share that with them as we are aligned in our incentives. And in addition, we've built an ecosystem of exchange-traded derivatives linked to our equity indices that help us in volatile times and times of uncertainty, much like we saw at the beginning of this year, and actually provide some revenues that are countercyclical in nature and help us navigate through cycles. And finally, in addition to the secular tailwinds and the positioning of indices, we continue to take advantage of our culture of innovation, more products across more asset classes to more clients to more places around the world. Let me now turn to our subscription businesses. With the recurring nature of the revenues, we have an ability to drive growth year after year after year, as I've described. A lot of that comes from product expansion, feature functionality rollouts, AI capabilities, new proprietary data sets, as Saugata described, deeper analytics and insights, workflow. We also drive growth by expanding how we serve clients. And you heard from Sally as our Chief Client Officer and the division go-to-market teams collaborate together. They've elevated how we serve clients, elevated in those relationships. They've found ways to serve multiple buying centers, multiple personas and found ways to client by client, think about the wallet, our share of wallet and our position and drive additional growth. And then I would say across all of our businesses, whether it's the market-sensitive businesses or these subscription businesses, as CFO, I spent some extra time here. Why? Because execution matters, right? I spent time on early indicators in watching pipelines and sales and retention and price appreciation. I spent time tracking, cross-sell and ACV and market share and share of wallet because we want to deliver not only on our strategy but execute on that across client segments, across product lines, across divisions and across the global coverage that we serve. As we operate our businesses more effectively, and I'd say more simply, all right, we do plan to realign the reporting of our business lines in MI and Energy. I'll just remind you or say it's a preview of this is what's to come. We'll be doing this sometime next summer around the time we spin our Mobility division and as we complete some of our internal plans around that simplification. I wouldn't describe these as particularly significant, but they're tactically important for us. And you'll find some of the subproduct details in the appendix for reference and for modeling purposes. And as you'd expect, when we make these changes, again around the spin of the Mobility division, we'll do a forward statement, both for context and so that you have the history available to you. Now let's look forward. Our primary focus, as you've heard, is fundamentally on organic revenue growth, which we drive by reinvesting across products, across geographies, across client segments, across distribution channels. In addition, we also deeply believe in the importance of margin expansion and are thus committed to annual productivity gains. And along those lines, we have a history of productivity. Think back the program we announced in 2018, another program we announced in 2020, the program we announced with our merger in 2022, and then even this year, as I've settled in, starting in February in 2025, we have an active and targeted sort of productivity initiatives underway. Looking forward, we see a continued opportunity to drive another wave of productivity growth. And it really covers about 1/3 of our workforce, in particular, using some new tools, in particular, around GenAI. And data operations. You've heard Saugata describe some of the simplification, the streamlining and the efficiencies in moving and shaping data for our clients. With developers, you've heard Martina describe how our software engineers are starting to think about their workflows and use some of those new coding tools to accelerate what they do, what they do for the -- for our divisions and for our clients. And then our researchers not only in energy, where we sponsored an initial effort, but across the company, we found ways to bring research insights more quickly to divisions. And it's really the combination of what I would describe as that classic end-to-end process engineering, a set of tactical tools and then coupled with GenAI that really provides another wave of opportunity to drive productivity to fund the investments that drive the organic growth and to provide the margin expansion that we are committing to. As we look forward, we also plan to be -- we also plan to continue to be disciplined about our capital management. Let's start with a focus on investing for organic growth, as I've described across our 4 divisions. We occasionally supplement that with M&A as we did with the With Intelligence acquisition that we announced recently. We've said pretty clearly, we're not interested in transformational M&A. We also intend to continue to run a strong balance sheet, as you'd expect. And we plan to maintain our framework of returning about 85% of adjusted free cash flow to shareholders through dividends and buybacks in a typical year. The majority of that capital return will be through buybacks as you've experienced. We plan to continue our status as a dividend monarch and raise our dividend each year as we've done for the last 50 years. And to implement this plan, we're excited to announce, as you saw this morning that the Board has authorized a repurchase of another 30 million shares, which we'll start to execute on sometime in the beginning of next year. Now let me turn to our annual guidance and to our medium-term targets. Our annual guidance, starting in February, we'll see some enhancements and some changes, and let me describe them. First, at the enterprise level, we'll guide to revenue on an organic constant currency basis because it's such a strong indicator of underlying performance. We'll also supplement that, as you'd expect, with some reported revenue guidance, especially in a year like next year where we'll have added the acquisition of the With Intelligence business. We also guide as we have continued to do around margin and margin expansion, we'll do that with and without OSTTRA and we'll guide to EPS growth as we've done in the past. At the division level, you'll see some enhancements and some changes. The enhancements will also be around revenue growth on an organic constant currency basis, division by division. In addition to the drivers that help you understand what might happen in our market-sensitive businesses. In terms of changes, we'll no longer be providing detailed forward margin guidance by division. We will, however, continue to report quarterly margin by division in actuals. And we will give general commentary about division margin expansion at the start of each year. And all that said, we do expect to expand margins in every division in every year, and we see the largest opportunity for margin expansion in MI. The logic is to better manage for the medium- and long-term growth of the entire franchise. For example, when we see selective areas or times of cyclical outperformance in one division, we'll want to return much of those earnings to shareholders, but we'll also want to selectively invest sometimes in that same division, sometimes in other divisions or across the enterprise where we see attractive revenue growth opportunities and profitable growth opportunities for future years. We believe this will lead to more growth over time for the entire franchise and for shareholders as well. So let me now turn to our medium-term targets. For the enterprise over the next 3 to 5 years, we expect to deliver 7% to 9% organic constant currency revenue growth annually and on average. We expect to expand margins by 50 to 75 basis points as we drive annual productivity gains, which drive reinvestment and growth. And that said, if there are times of cyclical outperformance, which there'll probably be some time over the coming periods, we do expect to expand margins by more than 75 basis points. And finally, we plan to continue to deliver double-digit EPS growth. Each division will play an important role. In MI, we expect to deliver 6% to 8% revenue growth, building off the strong momentum that Saugata and the team have built in 2025. In Ratings, we plan to deliver 6% to 9% revenue growth given the secular tailwinds, but we might see cyclical opportunities as Yann and the team navigates markets. For energy, we expect to deliver 6% to 8% revenue growth. As Dave and the team navigates from the recent environment and then accelerate over the next few years. And then in Indices, we expect to deliver 10% to 12% revenue growth, given expected annual market appreciation. Overall, we have unique and attractive businesses, we have a robust strategy for growth, and we have a disciplined plan of execution. And so with that, let me invite Mark and our colleagues back up, and we'll be open in taking your questions.

All right. While everybody is getting up here up on stage, I know we threw a bunch of exciting things at you. Just rules and regulations on Q&A here. One thing I do just want to remind everybody today is, in fact, World Kindness Day. But we're happy to take questions from whoever would like. We've got mic runners in the room. All we ask is that if you do have a question, if you want to stand up, stand up, but please give us your name and firm so that we know who we're talking to. Let's see. All right, Andrew, we'll start with you.

Andrew Steinerman, JPMorgan. Eric, this one is for you. I heard your nuanced comments about segment margins and what you want to be held account to pull to and what you want to leave open. You did say within segment margins in the 3- to 5-year target, that you feel like there'll be more margin expansion opportunity in MI and other divisions. And so my question is, could you give us a sense of where you think MI margins could get to within a 3- to 5-year time frame? And what are some of the headwinds and drivers to get there?

Andrew, thanks for the question. I think what you'll find is that each year, we're going to calibrate to where we are, what our trajectory looks like coming out of the prior year and what we see in front of us. And in fact, for MI, Saugata described some of those end markets, some of those opportunities, you've heard about our client franchise and the strength. I think what you'll see us do is describe where we think the enterprise will go from margin expansion each year. And for example, in a year, we may describe a year of 50% to 75% margin expansion. I think what you'll hear us say is in that particular year, one division might be at the top end of the range. Another division may be at the lower end of the range. A third division may be above that range. And so we'll shape that as we see the opportunities the markets develop, the demand for our services and actually the momentum that we're building with the range of investments and products and reach that we're creating. So I don't want to speculate on one particular division. I think I've been real clear that we expect the largest amount of margin expansion from MI. And so I'll leave it to you. I've given you a range. The largest probably is at one end of the range. And I'll give you a perspective as to what we expect. But what we'll do is we'll calibrate that each year, and we'll give you a sense. And what we want to do is we want to really, as we describe margin, we want to describe both revenue growth and margin because it's really a combination that matters. And what we want to do is we want to always be able to reinvest, but we want to reinvest profitably with a cadence. And so each year, we'll give you a window into what we expect. But I think the 7% to 9% for firm-wide revenues, the 50 to 75 basis points firm-wide margin expansion is a good place to start, and we'll give you even more indications as we go year after year.

For folks on the webcast, the follow-up question was, can you say why there are greater opportunities in Market Intelligence than in the other divisions?

I think I'd frame it in a couple of ways. I think we've assembled Market Intelligence from a composition of products and services and workflows and software tools. And as you've seen, Saugata and the team have really been transforming that offering over the past year over 2025. And given our, I'll call it our starting point, our current point, we see upside in continuing that evolution. But we see that upside both in accelerating revenue growth over time. You've seen us accelerate the revenue growth first quarter, second quarter, third quarter in MI. And we see it again happening, continue to happen on the -- on areas of productivity and simplification. So there's a -- I think there's a good runway. And maybe I'll let ask Saugata to weigh in.

Sure. A couple of things to add. I mean Eric kind of nailed it. I'd say one is if you look at the business, firstly, just the arithmetic around it. When you -- margins are 35, which means costs are 65%. When costs are 65%, there's just more opportunity, especially as you think about all of the AI-driven productivity, there's just so much more cost surface area to address. So we should expect more from MI than the other relative businesses. The second I would say is that also when just the math, the way it would check out is that when costs are 65% of your business, even though we have a fair amount of operating leverage, a 6% to 8% range would mean that there would be a fair amount of margin variation by that alone if we come in at 6% versus 8% which is why, as Eric mentioned, it becomes harder to pinpoint a number if you look at a 3-year time frame. But if you look at how we want to manage this business on a year-to-year basis, we want to be at -- in a place where we are comfortably beating the market, growing comfortably within that range. And then our focus on productivity is relentless. We want to make sure that we can deliver customer value in a way customers expected, in a way nobody else can while doing it at the lowest possible cost, and that should lead to some normal margin improvement on a year-to-year basis.

Thanks. So we'll start here, Manav, and then we'll come over to Shlomo.

Manav Patnaik, Barclays. I had 2 questions. Martina, the first one was for you. As you set this medium-term target, and Eric said the last one, you guys came at the upper end of the range, obviously, a good outcome with everything that's happened. But just as you said it, will the upper end be enough for you? Or do you expect -- do you anticipate wanting to exceed these numbers? Like how should we think about that? And then the second question was just broadly just with all the chat on AI and stuff, can you just help us with your LLM strategy or whatever you're going to call it, like how many partners do you have for internal purposes? How many you're partnering externally, just that strategy broadly?

Yes, Manav, thanks for the question. I'll start on the outlook growth. We've been working really hard to make sure we have a bottom-up plan for each of the divisions that, of course, has fed into this plan that we've shown you today. And I would characterize this as something where each of our division presidents is being ambitious but not overly ambitious. And I think that there will be potential for outperformance in the traditional ways where you have a very strong transaction year, for example, in Ratings or you have an above historical average appreciation of prices in the equity markets, for example. And so those are some of the traditional ways in how we might expect that to grow. But look, I mean, some of these areas that we talked about like these emerging opportunity areas, for us, it's sort of like -- I always say to the team, it's like an embarrassment of riches. There are so many ways that we can grow. What we have to do is actually prioritize. So we're focused and we said we were going to prioritize in private markets, energy expansion. And these smaller areas that we think can become profit pools over time, there's opportunity there, right? But we're being very careful about managing management bandwidth so that we're not trying to spread ourselves too thin. So if we find a way where we sort of like we get to a good point with our acceleration in private markets, energy expansion, et cetera, and we can do a little bit more with some of those emerging opportunities that I talked about earlier, there's some opportunities there as well. And then I think for the LLM strategy, let me start and of course, Bhavesh has really been leading the way on this as well. And everybody actually on the stage have been working with our LLM partners. But when we started our cloud journey several years ago, we were very intent that we were not going to be exclusive with any particular provider, right? Now of course, we get scale in our larger relationships. But we are very effective in managing across a multipartner ecosystem. That's exactly the same way that we're approaching our LLMs. Bhavesh, I'll let you talk about how we're developing the technology internally as well. But I would say, externally, it's -- sometimes I think when we -- with a lot of the dialogue that's been happening around LLMs in the last year plus, it's almost as if we never distributed via a third party before, but this is actually part of what we do. We actually have hundreds of third parties through which -- through whom we distribute. And so this is very easy for us. And it's natural. It's a muscle that we've honed over time. And the exciting part about it for the teams is actually using the agents and thinking about new ways we can do it. And so I would say we will be flexible in terms of meeting our customers wherever they are, but really like taking advantage of some of these awesome innovation opportunities from an agentic perspective, whether it's through Saugata's team with IBM, it's Bhavesh's team with the work that we've been doing internally as well. But let me turn it to my colleagues also.

Yes. I think the only other thing that I would add is that there's LLM, there's hyperscalers and there's applications. So LLMs, obviously, the frontier model companies being open AI and Anthropic, and we've got partnerships with them. We're working and connecting intelligence to these powerful large language models. But don't forget the hyperscalers are building effectively their agentic architecture where people are going to be building agents on there. And so we're also working with them. I mentioned Kensho Grounding agent being available on Google Gemini's enterprise platform. That's quite meaningful. People are going to be doing workflows there. And then you've got, obviously, the Microsoft studio where we've got our commodity insight data integrated and the same with AWS. They've got their own system. And so that's another side of it. And then the third side of it, again, related to some of what Martina was saying was there are applications now that are being built on top of all of these LLMs. Those could be some applications like Rogo who we've got a partnership with as well. And so that's our intelligence, again, showing up in these applications. So I'd like to think of it as LLMs, hyperscalers and applications. And across all of those ecosystems, we have a role to play there. Not to mention the agents that we would be developing ourselves. I don't know if anybody else got anything else to add?

I'll just add to that, essentially we've been working with Bhavesh and the team around re-platforming the internal operating tool kit that we have in the organization. And we were talking a lot ourselves about how -- we have 3 significant platforms we're working on in terms of giving the researchers new tools, the news and price report is new tools. And those are in-flight today with current platform partners, and they're delivering important wins for us. We've increased our news output from the Energy division, 23% this year, while still managing the headcount very carefully to flat actually and the number of errors in the news, which is always very low anyways, is down by 10%. So those platforms we do in partnership and under our own team are genuinely contributing to today's results. And we think there's more to come from that.

Shlomo, then we'll go to Alex next.

Shlomo Rosenbaum from Stifel. I want to think -- ask just in terms of the medium-term outlook and how everything going on with your investments. How should we be thinking about the role of pricing in terms of the growth? I mean historically, we usually thought about 3% to 4% pricing. I know the company likes to shift the discussion over to value-based realization. But does value-based realization translate to the same 3% to 4% pricing that we used to think about it. And is it a situation where it's actually more because you're more embedded with what you're doing for the clients? Or is there a situation where maybe the clients are saying you're cutting costs the same way we are with AI and maybe we're going to push more on you. And maybe you could just talk about that in the discussion.

Let me start. I mean pricing, I think, is best looked at from a historical perspective. And I think you've got a good sense for how pricing has evolved for us across our different divisions. It's a little more here. It's a little more there. But it's been a systemic part of actually the way to recognize the value that we've brought to clients. We bring that value through proprietary data sets, the unique insights, the benchmarks and so forth. We don't really like to comment that much on pricing going forward because in truth, it's just something that works its way through the system as we continue to take all those actions and then engage with clients on what's the value and how should they reward us. And what we find is these client partnerships that we have are decades in the making, they want more and more of our services. They're willing to share some of the benefits of those services back with us, and that translates into. And so it's not something that we spend a lot of time obsessing about, thinking about so explicitly, but it's something that happens, I think, relatively naturally and we think has a continuation that's quite logical. But open up to others.

Shlomo, I'd add to what Eric said a few things. One is when we think about pricing, so I think we said it at the outset, we don't have list prices, we don't do for most part, headcount times unit cost times discount. We think about it from a value perspective, which complicates a few things. But on the whole, we think it's a good thing. Now if you look at sources of growth, there's one clear line of growth, which is new customers, new logos, so as to speak. And that's always very clear, very easy to account for. Everything else, if you look at our value capture strategy, it tends to be somewhat more amorphous. So if you look at Capital IQ Pro as a platform, that's what it truly is. It's a platform. We've got 220 core data sets, which come as a part of the platform. We don't price them individually. We don't price them collectively. We look at the use case. We look at how clients are using it, and we're certain what the value is. As we move into a more integrated future, where we'll have more features and capabilities such as LLMs, access through different channels, new features, many of which are on display today, we are not going to price these separately. The only instances in which we price features and capabilities separately are if there is a significant third-party relationship where we have a revenue share or some sort of an arrangement where we are for fiduciary reasons bound to kind of price it separately. But otherwise, we're going to look at it. So we are very focused on overall value creation, value capture. And how much of it is inflation driven versus how much of it is new features versus new functionalities, it's incredibly hard to do in our business model. And as Eric said, at some point, it will become a bit of an academic exercise trying to get a number for a sake of a number without really understanding how we can influence that because at the end of the day, the customers don't want to pay us for inflation. They want to pay us for being more productive next year, bringing more differentiated and proprietary data sets or bringing new tools and capabilities, and we are focused on all 3.

Excellent Alex, then we'll come to Owen over here.

Alex Kramm, UBS. I'm afraid there's a lengthy question, but it's a continuation of what you just talked about, and it's for Saugata and Sally. You talked a lot about the enterprise bundling, licensing, however you want to call it, and vendor consolidation. So I know it's World Kindness Day, but it's a little bit fluffy still. So maybe you can go a little bit of a level deeper. So you obviously talked about the one that you did with Barclays, other vendors out there doing the same thing with firms like us. So just trying to understand like where are we in this journey? Like I was at a client event with you guys the other day, you have 250 solutions, I think, in Market Intelligence. Like how much of this is actually bundleable? How much are you bundling? How many clients like us are out there that actually this could apply to, right? And then as others are also trying to do the same thing, what is the risk that maybe if you're not the preferred vendor as a firm like us that you're still at risk at losing some of the things around the edges, because I know you're talking about it from a position of strength in terms of vendor consolidation. But there may still be things that are at risk from your perspective. I know it's a loaded question, but hopefully, you understand where I'm trying to go.

I'm happy to start, and Sally will, of course, join me, Alex. So just to set something clear for the record and if any of us have misspoken, we don't -- there is no instance of bundling where we are asking or compelling customers to buy things together. What we do is logical packages where the packages come tightly together, and it's incredibly hard to deliver the same value if we were to split the packages and try to sell it separately. So that's just the first thing to get that out there. Second thing is, I'll give you an instance of a client where we've had a long-term relationship, we are selling them product A. As we've gotten to know them better, we identified opportunities to sell them product B and product C. But there is no instance of telling them that, hey, you have to buy A, B and C together to capture full value. What we do in this instance is we open new doors and relationships to get in front of the clients to get product B and C tested, proven run through the full cycle and have a contract with them. And the CCO helps. Why does the CCO help. Very often in a large multi-business unit company, you have a couple of challenges on the sales team. One is no single salesperson has deep relationships across and along the depth of the organization at the client. Second is there are human limitations to how much a single person can know about different products, et cetera. Where the CCO comes in is they form a overlay where they can connect the dots and identify opportunities. So SEB is a good example, which I talked about earlier. We've been going around trying to get our solution proven with the client, get it over the finish line, even though we have several other relationships with the clients, but when the CCO team got involved shortly after the creation earlier this year, we were able to elevate those discussions, really find new avenues. I hate to use the term consultative sales, and I don't want to go back thinking about life 12, 13 years ago. But it really is getting into the mode of consultative sales and it's actually more a consultative relationship. And that's the real value add of the CCO because we are trying to keep the depth of the relationship, the depth of the product knowledge while creating this horizontal surface area, which can help us do things that we otherwise couldn't do before. And by the way, it's a very kind question because it gets the meat of the answer out there.

Yes. No, I'd just echo what Saugata said. And I think it goes beyond unique products. It's also about informing new use cases, in particular, as we step into more agentic and GenAI use cases. Clients want to be able to have a common framework across their organizations so that they don't have to go and check whether desk by desk or division by division has the right license. So it's a launch pad for selling more. It's a consolidation of licensing, both legal and pricing, and it's also informing new use cases across those entities.

Owen?

Owen Lau from Clear Street. So similar questions to what Andrew asked about, could you please help us understand how we should think about the medium-term margin for Ratings in 3 to 5 years? Your 2025 guide for Ratings is already pretty high, like mid-60 percentage. I'm wondering whether there is any further opportunity here, what kind of investment you would put into Ratings side? Or we should assume margins to stay here for quite some time?

Let me start, and I think Yann would be able to supplement it. I think Ratings is just a business that has operated so well through cycles and through secular tailwinds. I think it starts, as you point out, at a high level of margin relative to our other businesses, but it's not the highest margin business in the world, right? And so the questions that we work through as we think about margins are, what kind of revenue trajectory do we expect, which is why we described 6% to 9% revenue growth. And we've seen that systematically over the course of the last decade, decade and a half, while also seeing some cycles. So I think part of the answer will be the margin will be partly cycle dependent as it plays out. At the same time, we fundamentally want to continue to invest in Ratings as much as we can and as many opportunities as exist, and you see us doing that in areas like private credit, and then finally, I'd say every time as a management team, we think about top line revenue growth, we think about the reinvestments I need, every business wants to also drive some productivity. So it's really a combination of those, which is why we described that over -- for the entire franchise, we'll grow margins by 50 to 75 basis points a year. But I think you'd have to think that every one of our divisions will participate in that, including Ratings. But let me turn it over to Yann.

Yes, thank you for the question, and great to meet you all today. This is something that obviously we focus on in Ratings. So let me talk about our approach to GenAI. I think we've got a strong track record in terms of margin improvement over the past few years. And it's both how we've automated but also how we've really created operating leverage. So at this point in time, as we're embarking on injecting more GenAI functionalities into the analytical workflow, we've got other opportunities but it's not much. It's not just doing more. It's also doing it better and creating more value for our customers. And how do we do that? We basically compete on quality, on the execution and in particular, the speed of execution, which is a theme that was brought forward by Martina at the very beginning. And we don't compete on Ratings outcomes just to be crystal clear. And with GenAI, we have the great opportunity to do just that, accelerate the delivery, automate more of the controls, more of the -- some parts of the process and free up time for our credit analysts to be meeting up with investors, the end consumers of our credit ratings and the issuers that we rate. And time and time again, when we survey both constituents what they say loud and clear is that they want more time with our analysts. So this is what GenAI is going to enable us to do. But equally importantly, there will be additional opportunities. We're not putting a stake in the ground in terms of numbers, but we're confident that we'll be able to do just that, reinvest in the business, while over time, continuing to improve the margin.

Ashish and then we'll go to Christian in the back.

This is Ashish Sabadra from RBC. So my question is on Market Intelligence. We've seen some anemic growth last few years. But as you've implemented the Chief Client Office and portfolio rationalization, we've already started to see that benefit and growth improved to 8% constant currency in the third quarter. Now as you have explained, early days of the Chief Client Office success. So as we layer in some of the successes from Chief Client Data Office, commercialization -- better commercialization of data, better distribution of data, GenAI and then some more portfolio optimization that you've already announced, the acquisitions that you have announced, qualitatively and quantitatively, if you can help us explain how do we think about those incremental tailwinds on top of what you've already delivered through third quarter? And then maybe on the downside because you're down like -- when I look at the range at 6%, what are the risks, which could even get you to that lower end of the range?

Ashish, thank you for the question. Maybe it's a good opportunity to kind of just describe the transformation journey we are underway though it's been a year in, and we've got a couple of years ahead. I think you did a very nice job of kind of touching on the high-level points. I'd say the following and the following should put it into context. So one is we've got a massive commercial or revenue transformation program as we call it within the business, which is dramatically changing how we go to market that's certainly helping, and that's been a nice springboard to kick-start growth. Second is there's been an intense focus on productivity within the business, which has helped us take out costs some of which we've let drop to the bottom line, which you've seen in the margin expansion in the recent past. But equally important, some of it we are reinvesting and building out new features and functionalities and capabilities to existing products which is helping with value creation and value realization. The third thing is around expanded partnership with both the EDO and the CCO and that's helping us drive value and will continue to help us drive value within the planning horizon that Martina and Eric talked about. The other two are portfolio optimization. We've announced Prime1, EDM, ThinkFolio. This probably small stuff on the margin, I think big ticket, but that's something we are going to continue to look at the portfolio like a hawk to look for opportunities. And then lastly, the whole strategy about bringing on more differentiated data with intelligence, Visible Alpha, continuing to build organic capabilities with differentiated data, investing in AI, new capabilities, and of course, private markets. The totality of it is essentially what we believe will help us get to the range and stay comfortably within it. In terms of downside risks, I'd say health of end markets is always one. That's one we -- we don't worry or obsess about it. That's kind of outside our control. Within small movements, we want to make sure that we are insulated. But yes, if there are massive movements, that's, I think, when we start seeing the margins of the growth range that we don't want to see. That's probably the big one I'd say.

Christian? All right. So Christian now, and then I'll go to the far side with Faiza.

Christian Bolu, Autonomous Research. Maybe 2 questions, one for Saugata, one for Bhavesh. Saugata, just given you expansive experience around the firm, your leadership of the enterprise sort of data office, any early observations around how you can drive incremental efficiencies around MI? Are there things you can do to structurally bend the cost curve outside of just revenue growth? And then for Bhavesh, just can you give us a little bit more detail around just end demand for some of your AI products. You guys have been great around building LLM ready APIs and MCPs, any statistics around MCP usage? Any color around what type of client profile using the MCPs. And any sort of detail around like what would drive more or less usage over time?

I'm happy to get started. Christian, the cost takeout that we've done, the productivity journey that we've been on over the last year, both within an EDO and MI, it's real. It's not just driven by operating leverage. It's not just growth came in better than we did in the last few years, and that's driving margin expansion. Costs are being managed in a very different way. I'll give you a few examples. One is we've revisited location strategy, for example. We've always been very good at it, but we've kind of amped it up to push it to another level. We have significant AI tool-driven productivity improvements. We've talked in earnings calls earlier about how 40,000, 40,000 plus people have been trained with our own tool called Spark Assist. People are using that actively to simplify workloads and make sure they're being productive. As we brought together the EDO, it's helped us do things like identify a tool, a third-party tool, a very expensive tool, which were being used in multiple parts of the organization. We consolidated it, we took out the tool, we built our own workflow, which is now a proprietary workflow tool and that's helped us save money. So these are just some small examples. Hopefully, it makes it a little tangible and real where the money is coming from, but there's not one silver bullet here. There's a long playbook of many different ideas, which add up to quite a bit. Bhavesh?

Yes. So maybe I'll use this moment as a bit of a teaching moment. So MCPs. MCPs as you know, are connectors effectively. What they're not is allowing you to create performant APIs and performant capabilities that can drive agentic workflows. So MCP, while a novel methodology, it doesn't solve for having a great way in which you can access that data to connect to agentic workflows. And so that's what we did with the LLM ready API. So the LLM ready API can be delivered via MCP, and you can see that in Clover Financial services over there in the product spotlight. And that's the difference that our customers really like. And so when you talk about usage and Sally can add here with the conversations that she's had as well. But like when I think about how much customers want to leverage that now because they want to use it within frontier model companies like ChatGPT and corporate financial services. And remember, they have to have a license with us in order to get that access. That's very meaningful. It's been fantastic. We've had that product available less than 6 months, and we launched it in the summer, and the reception has been amazing. When you think about the customers that are using it, we've got insurance customers, asset managers, professional services companies because they all want access to our data for these agentic workflows for these large language models. And we're only at the beginning of right? Like we're bringing online more and more of our differentiated data, which unlocks more and more use cases in the energy space in particular. And then when I think broadly about all of our AI capabilities. So think about things like ChatAI, ChatIQ, Credit companion and iLEVEL the generative AI capabilities that we've built. It's very clear all of our customer conversations are about how are they going to start to change their workflows given this powerful technology. And the reception has been fantastic. I don't know if Sally, you would add anything more to that.

Yes. No, look, I mentioned in this moment the dominating conversation, certainly with all of our CCO clients is very much around this topic. We have 130 accounts in the CCO at this point. And our approach is to be aligned with each client segment. So that is sell side, buy side, corporates and professional services ecosystem. Each one of those segments is engaged with us around this construct and these discussions. So it's pretty vibrant in terms of the interest right now, and we're pretty confident that it's going to yield to, as I said, multiple ways to commercialize our IP, including the Kensho foundational capabilities.

Mark, before we go to the next question, Christian, I wanted to come back to the point that you were making around opportunities to "end the cost curve" and refer back to one of the topics that Eric was covering in his presentation where he talked about how we think about productivity. And Eric and I, along with our entire leadership team, including our Chief People Officer, Girish Ganesan have spent a lot of time thinking about this over the last many months. And we think about it both in terms of how we can bring efficiency to bear across the entire organization through core process redesign. It's the stuff that we were doing 20 years ago, but now there's a way to do it in a much more, I would say, accelerated fashion and with tools that can move the needle much more quickly. With that, we're also looking at just the organizational efficiency and health in terms of layers and silos and how we examine those for greater opportunities. And then we're taking specialized deep dives into 4 key areas that comprise around 1/3 of our workforce, Dave mentioned one of them. So we have executive leadership team members sponsoring each one of these. And so Yann is looking at analysts for the future. Dave is looking at how we can actually reimagine research through a project Achieve, which is happening in the energy business. Saugata's team is leading the software development life cycle, agentic version on behalf of the entire organization. So we'll do it once there, figure it out, improve it, and then we'll roll it out the rest of the organization. And then, of course, Saugata has also talked about the Enterprise Data Office. So hopefully, that kind of tells you how we think about "bending the cost curve" going forward.

Thank you. So Faiza and then we'll come back in the front here in the middle. So Faiza, the first over there.

It's Faiza Alwy from Deutsche Bank. So I have 2 questions, one on private markets and one just a technical clarification question for Eric. So first, on private markets, Martina, you talked about how all of your various products position you uniquely to clear the gap around transparency in private markets. And I'm curious if you can give us a bit more perspective around how you're thinking the products are going to work together? And what's unique about the offering? And if possible, if you can talk about the quantification of -- I know private markets is a big strategic focus if we -- how to think about the contribution to revenue growth, whether it's in MI or across the organization that we might expect from private market. And then maybe just for Eric. I know we're not talking about mobility, but just curious, when you talked about the 50 to 75 basis points, I see that it excludes OSTTRA. Is there anything that we should keep in mind as it relates to Mobility? Or do we just exclude the Mobility operating profit and margins and just kind of assume the 50 to 75 basis points.

Yes. Why don't I just start with a technical clarification. You're thinking about it appropriately. So there's margin for each of the divisions that we disclosed. OSTTRA is a little odd because there's no revenue and expenses associated with it. So it creates a 50, 60 basis point discontinuity year-on-year. And that's why we want to make sure we guide and describe our targets ex OSTTRA so that we can just see that through. And then the math, as you do is, as you described, if you just exclude Mobility for the time being, we think there'll be, as we've said, some stranded costs, but they'll be relatively immaterial. And so there's always a little bit, and we'll address. But the math will play out that way.

Yes. Great. And in terms of the question around private markets, I'm going to ask Saugata and Yann to actually start on this one and then I can fill in with any other points as well.

Sure. Happy to Martina. Thanks for the question, Faiza. So on private markets, it's, Martina talked about why all the reasons we see a lot of growth opportunity and surface area ahead. The first thing I'd start by saying is our strategy is not to be everything to everyone everywhere. Our strategy is to have some very deep capabilities in certain areas. In certain areas, we build new capabilities, in certain areas we are acquiring capabilities in certain areas, we already have great capabilities. And I'll give you a sense of some parts of the spectrum where we have that. So if you look at iLEVEL as a tool, it's incredibly important for workflows in private markets. What we are doing is we are ramping it up to the next level through the partnership with the Cambridge and Mercer that we just announced, which helps us create a unified data ecosystem, helps us build new standardization capabilities and helps us build new reference data. Private markets are incredibly opaque and all of that is very hard. If you look at With Intelligence, it helps us get into new workflows around in deal sourcing around investors, managers and just the surface area of the data they bring to the table, whether it's 70,000 funds or 30,000 managers or 350,000 deals, that's incredible. On our own core capabilities, we already have a lot. We have 50 million companies in our private company's database, actually correct myself, it's 58 million by now, 58 million companies in our database, which is pretty significant. So if you look at what we have, I think we can weave together a tapestry of incredible set of assets and then you layer on what we have in other divisions. Yann can talk about what we have in Ratings, et cetera, that gives us a formidable surface area to have meaningful impact on certain clients' workflows. And that's our strategy, and that's what we are going to continue to build.

So yes, in Ratings, we've been investing in private markets for a long time, both in terms of building up the analytical capacity but also the domain expertise. And it's been very effective with growth in ABS, fund finance, more recently, data centers, credit estimates as well for portfolios. And we expect private markets to continue to grow, and we expect that to be a high-growth adjacency as we said before. But the most important thing for us is that we are bringing our expertise in -- from public markets into private markets. Private markets are now a structural part of debt markets. And we see, for instance, since beginning of summer, some of the private deals being refinanced into broadly syndicated loans. So that means that going forward, we'll see issuers borrowing very opportunistically. And this is where having a consistent approach between public and private for us is extremely important. And we know by talking to the sponsors, the bankers, institutional investors, asset owners is what they value is this consistency between the 2 and they expect to see more of us, more of S&P Global Ratings in that space to solve the transparency gap. And the way for us to solve the transparency gap is through our Ratings, our credit estimates, but also the thought leadership. Remember that we've also got access to the great data points in WSO. So we can shed more light on the dynamics of private markets. And ultimately, as we are doing, and we published an article in summer on the interconnection between public and private markets, highlight potential vulnerabilities. So for us, it continues to be a key area of investment, and really believe that they will continue to grow, and we know that all the players and all the stakeholders there want to see more of S&P Global Ratings.

And by the way, if I can complete that thought, Yann brought up an interesting point. As you see this market extend its influence in other areas, for example, as it interacts more with broadly syndicated loans market, we've got WSO, and WSO derives its power not just from being embedded as a workflow tool, but the 25,000 units, it has in its own reference database, which nobody comes close to that. And that helps us create another vector of growth to serve private markets. Martina?

Yes. I would say -- I mean, maybe two things that I get very excited about in addition to all of the I'll call it, sort of like feature enhancement type stuff that we're pulling together, including the data from With Intelligence as well as what we're doing with Cambridge and Mercer. One of the things that I think was just very, very innovative is the creation of a new global taxonomy and reporting standard, which the team did with the Cambridge Associates and Mercer partnership. And that's a -- that's a classic S&P gig, right? We create something that has a broad network effect that makes it easier for all of our clients to actually compare and to use a consistent methodology and reporting standard. And so that's something that's very exciting for me. And then maybe to represent our Index division that's not here, the Index division is already very heavily engaged, I would say, with a large cohort for our clients around creating benchmarks and Indices in this space, having already innovated in a number of areas over the past year, and they see a lot of opportunity as well going forward with the new data and IP that we're going to be creating and collecting with our acquisition of With Intelligence as well as our various partnerships.

All right. So we'll go here in the front, middle and then we'll get Toni on the end in the second row.

My name is Anna Wu from Goldman Sachs, I'm sitting in for George Tong. I guess this is for Yann, it's a follow-up on private credit. And like you mentioned, there are a lot of AI and there is data centers get funded through the private credit. And I'm just wondering in the ballpark, how much of those debt financing gets rating from S&P at the current stage? And going forward, what are the factors that would drive more of those private market players come to S&P for a formal rating? And the second part for Market Intelligence, how would you break down the pricing and volume contributions at the current stage for the segment?

So that's a great question on the AI CapEx cycle. Just in its first innings. I don't know if it's $5 trillion or $7 trillion over the next 5 years. But there's no question that there will be a need for private, public, on balance sheet, off balance sheet, and this is what we are seeing today. And S&P Global Ratings in terms of data center ratings. We're actually the market leader, covering all those solutions off balance sheet through ABS infrastructure/project finance transactions, but also on balance sheet. We believe that we can really bring this different independent view also because we cover the market through our ratings. But like in the case of private markets, specifically for data centers, we can also pull together data points, insights, in particular, from S&P Global Energy. We talked about power. We talked about all those important data points that we build both into our ratings but also in our thought leadership about data centers. So watch this space. We've been publishing our data centers. We will be publishing more as Ratings and S&P Global going forward because this is, again, a place where we believe we can really bring our scale and provide independent differentiated opinions.

I'm happy to pick up the second part. I'll just start by disappointing you that we don't give out volume ACV breakdowns and we're not planning to do so. But I'm happy to give you some qualitative color around it, so it helps you think about it. So at the Market Intelligence division, vast majority of the business is ACV driven. Of the piece that is volume driven, I'd encourage us to think about it in 2 slivers. There's one piece which is pre-contracted, volume driven. Yes, there are volumes, but the revenues don't go up and down in the same way the volumes do. And then there's a third piece, which is a relatively small sliver of the business, which is purely volume driven. It goes up and down. So our focus in managing the business is to make sure that ACV growth is robust and in line with the ranges that we've talked about, and that's what we are going to be focused on. For the precontracted volumes and the linked volumes, we want to make sure that we are providing highest quality services and workflows to our customers so that as and when the volumes happen, it benefits our platform. These tend to be complex platforms, which are deeply embedded within the clients' workflows. So we have long-term relationships with them. So the volume generally helps us. But overall, the volume-linked volatility in the business is relatively low. Hopefully, that gives you some color.

So we're going to stay on that side of the room for a second. So Toni and then Andrew then Jeff.

Toni Kaplan from Morgan Stanley. Another question on Market Intelligence data delivery. Is there a way you could talk about how it's been changing and how you expect it to change over the next, say, 5 years between sort of customers who are utilizing the Market Intelligence platform, the ones who are getting data feeds from you and then thirdly, the ones getting your data but through third-party providers. And just wanted to get a sense of how that has trended? And also if there is sort of a monetization difference between those? And ultimately, do we get to a point where maybe there's more data consumed outside the platform, but maybe the cost of proprietary data goes up. So I just wanted to get your thoughts on sort of the future.

So Toni, there's a lot in that question, so I want to try and cover as much of it as reasonably possible in a small window. So firstly, I'd start by saying, look, the evolution of different channels in our business is very much ongoing for the last 7, 8 years back when Martina was the President, I was the CFO of the business. Feeds then APIs and Snowflake and Databricks. And we've lived through that. And it hasn't really dramatically altered the economics of our business. What we are now seeing is rise of a few new things, a few new consumption channels. And it's not impacting the core economics, and I'll come back to that why. So we've got active partnerships and some of the ones we've announced are Rogo, Hebbia, Farsight, et cetera. And those are both moments for us to learn about what's happening in the world and also to make our data available to customers in ways they want to consume it. Customers are also consuming data on our core platform, Capital IQ Pro, and I'll come back to that in a second. But also keep in mind that where we think this world is going to go is more increasingly what Bhavesh talked about is through model context protocols. And model context protocols, the way we are building it out, it doesn't connect directly to our databases. The way you think about it is there's a database layer, which is all our data sitting there, and I'm trying to grossly oversimplify it for time. On top of it, there's a logic and computation layer. On top of it, there is a UI and presentation there. So when people think about Capital IQ Pro, very often, they think about the UI and presentation layer. It's possible that, that will go down in the future in consumption. It's possible. I'm not saying it will. It's possible. However, the logic and the computation layer, where we've built in years of knowledge and effort is still very important for MCP and that will help us continue to capture a lot of the value. So that's one. Second is going back to Cap IQ and the eternal question about what happens to Desktop in this new era, I'd encourage us to think about a few things. One is we have 350,000 users on it who are very familiar and deeply embedded with those workflows. Second, we aren't standing still. We are making available more differentiated and proprietary data, Visible Alpha, soon to come With Intelligence, et cetera, on that platform. Third, I would say is that we are also building out new capabilities on the platform, ChatIQ, Document Intelligence, a nice rich pipeline of things to come. And all of that should keep Capital IQ Pro competitive as new competitors emerge. So our strategy is the core value lies in data and everything that we surrounded with, and we talked about a lot of that earlier this morning. But over the long term, we should be channel agnostic. If people want to consume it on our channel, we love that. If they want to consume it on different channels, we want to preserve value.

So second row and then third row over there -- sorry, Andrew, right there. And then Jeff behind him.

Andrew Nicholas with William Blair. I wanted to ask about the emerging opportunities with future impact, supply chain well, decentralized finance. It sounds like that would be secondary still to the scaled initiatives. But can you give us a sense of how big those opportunities could be in the future? Is there any kind of rank order in terms of how you prioritize investments in those areas? And any kind of high-level focus areas or product ideas that would help flesh out kind of what that opportunity looks like?

Yes. Thanks for the question. Look, the reason why I'm excited about these 3 areas in particular is that we've been able to spin out products very quickly at very low incremental investments. I'd say rank order just in terms of sort of existing business supply chain intelligence is the obvious one at the top. And I think Dave and Saugata should talk more about that. Decentralized finance is one that is quite interesting. And Yann was sort of first out of the gate with his team and some very unique benchmark products around stablecoins there and it's continued to grow as the leading rating agency, certainly for digital bond issuances as well. And so maybe, Yann, you can comment on that. The other division that's been really forward moving and very innovative is our index Division in decentralized finance, and we've had a couple of announcements in the last few months that I find to be really, really exciting. And this is really about giving exposure to our equity indices on chain, whether it's for retail investors or institutional on-chain investors. So we had one announcement where we've partnered with Centrifuge to create an S&P 500 token. Janus Henderson, Animoyi has now launched an ETF on that on chain, and it has an anchor investor. And then just most recently, I think maybe 2 weeks ago, we announced a collaboration with Dinari to create the S&P Digital Markets 50 and that is really -- again, it's giving on-chain investors, in this case, mostly retail investors opportunities to diversify between treasuries and equities. And so we will launch the index product on that later in this quarter, but really exciting innovation happening there. And what I would say here is as much as it's been reasonably little investment to get this going, the nice thing about it is that every dollar coming in is a dollar at very high incremental margin on this. So that's what I'll say on that. I would say Index is also really driving our strategy around wealth. So in addition to, I think, some really phenomenal work the teams have done around actually getting our core indices into model portfolios over the last few years, but also the acquisition of ARC Research, we're in a really nice position to be able to work very closely with private banks, advisers and even individual investors in the wealth space. So that's another area where it's very, very fast growing for us and have some momentum, some scale in the index business also put -- let me switch over here.

I'll jump in on supply chain for a second. So I think Martina captured really well naturally why we're so excited about supply chain. Between MI and energy, we have the world's leading set of data around what products lie where in the global supply chain for goods and services, particularly goods, I should emphasize, in today's commodity markets and more broadly, the goods markets out there. What's exciting about that data set is the use cases for our data and MI's data grows exponentially in a world where just-in-time deliveries don't work anymore. We're assuming that your supply chain in the past can be your supply chain going forward next month, next week, that doesn't work anymore either. So what we hear from our customers today is they're trying to manage extremely complicated movements of goods in -- sometimes in container environments that exist today, sometimes in container environments that need to be created because they don't exist today. And that's being buffeted by things like tariffs, which we all read about in the press, near shoring, front shoring all these concepts make supply chains much more complicated and naturally much less efficient. And that's an environment where our customers need us to help them to remain profitable and successful in a world of uncertainty. So the data sets we have between our divisions help people track the ships, the containers, the goods that are in flight and sometimes turn them around when they're in the middle of moving somewhere based on what's going on in the economics of the arbitrage involved. So when we put our data sets together, it creates a view of the world that helps simplify what's become wildly complicated. But as Martina said, we have the data today, the questions are different. I don't know, Saugata, if you want to jump in.

Yes, I'll just add a couple of things. So firstly, we remain very excited about supply chain. We've talked about supply chain even at last Investor Day. And if you haven't heard us talk a lot about supply chain, in the intervening years, it's probably because we found bigger opportunities, nothing wrong with supply chain. There are just some other bigger opportunities. The supply chain, we continue to invest. In fact, and just in the last few days, we announced the closure of a transaction. We bought the AIS data business from a company called ORBCOMM, which gives us, as the theme has been all along today, differentiated and proprietary data that we can link with other data assets. And we've also continued to invest in building out new capabilities driven by new technology. The partnership with IBM is a really good example wherein we're taking our data and IBM has created the watsonx Orchestrator tool, which embeds it along with customers' data to surface answers for customers through questions like, hey, help me find a vendor in region X for product Y? And product Y is referred to as a SKU within their own systems. So that's really powerful. And when customers start using that, that becomes a part of their workflow, gets us embedded in there, gets our data embedded in there and creates long-term value.

I'm just going to add to that, sorry, what gets me excited about it with Saugata it's also the rise of the procurement officer as being a very important part of the clients that we serve today. It's a new use case, and it's a new user in this environment that has a reason to tap in.

Yes, on decentralized finance, if I may. I'm very proud of what we've -- the innovation that we've produced in Ratings and the domain expertise that we've developed. As Martina said, we're the leader in rating digital bonds. We also came up with the only assessment of the risk of a stablecoin depegging from its reference currency. And now we assess more than 90% of stablecoins in circulation. We are rating tokenized money market funds. And more recently, for the very first time, we rated a lending protocol called Sky. And we're really looking forward to continuing to understand much more -- in a much more granular fashion the operational risks embedded in the on-chain transactions. So it's really an exciting space.

So we have Jeff in the back over there. And then Jeff in the back over there.

Jeff Meuler from Baird. So a lot of the products that you demoed outside that have AI search capabilities seem to query a relatively narrow set of your content, usually within 1 division. What products do you have that, I guess, query a broader set of your content or enable a client to interface with all of the content that they're licensing through S&P? Or would that value be derived through the API to the third-party LLM? And then second, the energy target growth is still good, but it's shaded down a bit from what you provided in 2022 despite the AI infrastructure build-out and energy demands of it. Is that because of the upstream macro headwind that you called out in the beginning or anything else for us to consider?

Yes, maybe I can take that first, the data. So yes, the products out there are specifically for use cases that are division specific in a lot of cases. But I had mentioned in my prepared remarks about the Kensho Grounding agent, which actually looks across all of the data landscape of S&P Global. That's innovative technology that we've now got in the marketplace. It's available on Google's Gemini Enterprise platform. And we're going to be releasing that more broadly over the next few months and in 2026. What's really important about that, though, is allowing trusted data retrieval that limits hallucination, but then the layers of AI value that we'll put on top of that and new user experiences. So we feel really excited about that innovation. It wasn't on show here today, but it's live, it's real and we're really excited about it.

And if I can add just 1 thing to what Bhavesh said is, Jeff, it's a bit of an evolution. So on Capital IQ Pro, when we launched the first version of Document Intelligence, Document Intelligence 1.0, it could query one document and that's what it could do. Document Intelligence 2.0 queries multiple documents. You can upload as many documents as you want, it can query, synthesize, do all of the good stuff. So it's a bit of a journey, and you can see directionally where this is headed. There is a fair amount of engineering work involved on our end to kind of make more available, but that's definitely the direction of travel. And as Bhavesh said, that's essentially where we are going.

Jeff, I thought Bhavesh is going to answer your energy question, which I was very excited about. I'll come back to your energy question because, thank you, it's an important question. We're really confident about our ability to strive for and get to those growth goals we've been talking about over the reporting period in our meeting with you today. There are headwinds in the market today, which we've had in the back half of this year. We expect to see in the first half of next year, particularly around sanctions and a little bit of consolidation in the upstream industry, which we talked about in different earnings calls and different meetings. Those headwinds really represent more than anything where the markets have been. They don't really speak to where the markets are going. And we're very excited about how we can accelerate growth as we move beyond those headwinds and we get into the space we've been talking about today.

We'll take our last one from Jeff here in the back. then we'll turn it to Martina for closing remarks.

Appreciate you squeezing me in Mark. Actually, this is a follow-up from the other Jeff's questions. If I compare the guidance 3 years ago, beyond energy, I think there was a slight change in Market Intelligence guidance in terms of growth, a little bit slower. On the other hand, you're looking for faster growth in indices. Can we just talk about the puts and takes in both of those divisions.

Sure. I'm happy to start with Market Intelligence. 3 years ago, to recap, we'd said $70 billion market growing at 5% to 6% a year, we'll grow at 7% to 9%, right? Roll the tape forward, the market's grown 5% to 6% over the course of the year, we now call it, let's say, somewhat north of $80 billion addressable market. And as we've looked at what is our rightful share of this market and what we can get, we feel good about the range 6% to 8% because it effectively implies that over the course of the next few years, we're going to be taking share. And these are large complicated markets with sophisticated clients and multiyear contracts. So it's not easy to kind of dramatically change our trajectory very rapidly, but we feel very good that if we can get to that window and deliver on that promise, we would have done right by our customers and our shareholders.

I'll do energy. Don't have a ton to add on energy beyond what I was saying earlier to Jeff's other question around, we've got a tremendous opportunity to move beyond our headwinds. And actually, a little bit like Saugata was saying, grow beyond the TAM and to take some market share in spaces, including spaces that we're very excited about in areas where it's been quite competitive up until now. So with upstream, we know that our data and insights is both the most complete set of offerings in the domestic U.S. and international market space. And there's use cases of that data in -- the data fabric players we've been talking about today, different delivery tools we've been talking about today. So we're excited about the opportunity to grow quickly in these spaces.

Then I think on indices, I'd just say we took our guidance up on revenue growth. Part of that is just a continued market appreciation, but that's in line with history. I think we've been continuing to see that shift from active to passive that has not abated. It just continues on as active mutual funds shift into either active ETFs or passive and that continues. And then the success around product innovation, fixed income features and thematics and so forth has actually created another element of growth and a couple of percentage points as well. And so together, we thought it would be appropriate to raise that to 10% to 12%.

Martina?

Yes. Well, first, I do want to say a huge thank you to everybody, whether you're on the webcast or here. It was a pretty intense afternoon with a lot of content, and thank you so much for being here and for giving us the great questions. The second thing is a huge thanks to Mark and his team for putting this on. You all know how much work this takes. It's a lot of work. And that's why we don't do it every year. But it's wonderful for us, and we're just -- we're very grateful to the team for that. I hope that you get a sense for how excited we are, and I hope that you're just as excited. We think this is just such a phenomenal time for the company. We have a very, very strong strategy. We have incredible products that we're enhancing and building on. We're bringing those through multiple channels, however and however our customers want to see them, and we're working with our customers to help them solve their most important problems. We think that's the formula for winning with our customers, but ultimately, it's the formula for winning for our shareholders. So thank you again. And I think Mark is going to come up with some additional logistics.

Thank you very much. So that's essentially it. So I'm actually going to excuse all of our speakers here so they can get their mics taken off. I'm just going to provide some instructions for those here in the room. We are going to have the product showcases set back up outside here. We would love to have you join us. We're going to have these open for about another 45 minutes or an hour or so. We will also have some cocktails out here. Happy to have you join us for that, too. Just make sure you're striking a good balance between cocktails and product showcases. We want people to get a good sense of the products that we've talked about today. So with that, thank you all very much for coming. Really appreciate it. If there's anything that we didn't get to and folks want to follow up, feel free to reach out to me or the rest of the Investor Relations team at S&P Global. Thank you very much.